News & Analysis as of

Enforcement Actions Payday Loans Consumer Financial Products

Sheppard Mullin Richter & Hampton LLP

CFPB Plans Limited Enforcement of Payday Lending Rule

On March 28, the CFPB announced that it will not prioritize enforcement or supervision of the remaining provisions of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, which were set to take...more

Goodwin

2024 Year in Review: Payday and Small-Dollar Lending

Goodwin on

Welcome to the “Payday and Small-Dollar Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. We expect the level of enforcement and regulatory activity in the payday and short-term...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes Supervisory Highlights Focused on Deposits, Small-Dollar Lending, BNPL, and Paycheck Advance Products

During the week of January 6, the CFPB released a “second” Winter 2024 Supervisory Highlights, focused on the agency’s most recent findings in deposits, small dollar lending, buy now, pay later (BNPL), paycheck advance...more

Ballard Spahr LLP

DC Attorney General files suit against app-based lender EarnIn

Ballard Spahr LLP on

The Attorney General for the District of Columbia has filed suit against ActiveHours Inc., doing business as EarnIn, alleging that the app-based lender deceptively marketed and provided illegal high-interest loans to more...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Goodwin

2023 Year in Review: Fintech

Goodwin on

Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more

Hudson Cook, LLP

CFPB Fines Fintech Installment Lender $15 Million for Alleged Consent Order Violations

Hudson Cook, LLP on

On November 15, 2023, the Consumer Financial Protection Bureau announced that a nonbank installment lender agreed to settle allegations that it was violating a 2019 consent order. The Company is a publicly traded online...more

Goodwin

CFPB Issues New Supervisory Highlights Report

Goodwin on

​​​​​​​On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more

Orrick, Herrington & Sutcliffe LLP

CFPB urges Supreme Court review of 5th Circuit decision

The CFPB recently filed a reply brief in its petition for a writ of certiorari asking the U.S. Supreme Court to review whether the U.S. Court of Appeals for the Fifth Circuit erred in holding that the Bureau’s funding...more

Jenner & Block

The Consumer Finance Observer - Fall 2022 Edition

Jenner & Block on

Potential Bias in AI Consumer Decision Tools Eyed by FTC, CFPB - Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 16, 2021)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Files Complaint Against Florida-Based Payday Lender

Goodwin on

On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a Florida-based payday lender and its CEO in the Southern District of Florida. The complaint alleges that...more

Womble Bond Dickinson

Wage Advance Products Draw First Consumer Class Action Lawsuits

Womble Bond Dickinson on

The legal uncertainties that surround wage advance products continue to boil and bubble. We’ve previously written about legal issues these products raise, the New York Department of Financial Services (“NYDFS”) investigation...more

Ballard Spahr LLP

Director Kraninger testifies at House and Senate hearings

Ballard Spahr LLP on

CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report. ...more

Robins Kaplan LLP

Financial Daily Dose 10.15.2019 | Top Story: Uber lays off 350 more corporate workers in effort to control costs

Robins Kaplan LLP on

Ride-hailing giant Uber laid off 350 workers on Monday as part of an ongoing effort to pare costs that now represents 1000 jobs cut since July....more

Hudson Cook, LLP

New York DFS and Other Regulators Launch Investigation into Payroll Advance Industry

Hudson Cook, LLP on

On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

White & Case LLP on

In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Ballard Spahr LLP

CFPB enters into settlement with payday retail lender

Ballard Spahr LLP on

The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more

Ballard Spahr LLP

CFPB enters into settlement with off-shore lenders

Ballard Spahr LLP on

The CFPB has entered into a proposed settlement with a group of corporate and individual defendants who were alleged to have engaged in unlawful conduct in connection with offering “short-term loans to consumers located in...more

Goodwin

CFPB Announces $3.2 Million Settlement with Online Payday Lender

Goodwin on

On January 25, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender that extends unsecured payday and installment loans, as well as lines of credit,...more

Stinson - Corporate & Securities Law Blog

“True Lender” Litigation on the Rise: Recent Litigation and Enforcement Actions Challenge Traditional Bank Partnership Model

Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more

Ballard Spahr LLP

CFPB continues to retreat and lose ground in payday and high-rate installment lending

Ballard Spahr LLP on

In a span of three days, the CFPB, under Acting Director Mulvaney, significantly retreated in the payday-lending space and suffered a court defeat in its request for monetary relief with respect to a CashCall installment...more

Burr & Forman

CFPB Update: January 2018

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more

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